The Saint Lucia Chamber of Commerce Industry and Agriculture Business Performance Survey examined business performance during the third quarter of 2024. A key issue highlighted by survey respondents was their issue with the government’s Health and Security Levy of 2.5% negatively impacting their business performance.
62% of respondents reported being affected by the Health & Security Levy, with 51% of respondents attributing the levy to affecting their business cost, while 59% noted that it affects their profitability. The minimum wage had a lesser impact: only 20% report being affected by the minimum wage.
On the lighter side, 48% of respondents felt business performance was better in 2024 compared to 2023; cash flow improved or remained the same for 72% of respondents. 66% of respondents kept workforce size stable, while 24% reported an increase. 50% reported increasing investment plans, and 34% indicated their investment plans remained constant.
The survey suggests a generally positive outlook for businesses. A majority reported stable or increasing workforce size, increased investment plans, and improved business performance compared to the previous year. Improved cash flow and increased sales figures further reinforce this positive trend. The fact that 50% of respondents are increasing investment plans signals strong confidence in the future economic prospects for Saint Lucia.
